Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

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  • Reaffirm/modify???

    I posted this under sticky but need a quick response, so I am reposting here...

    I was planning to reaffirm my mortgage, but after reading through this forum (what a great resource!), I understand I don't have to and probably shouldn't. I live in Illinois and I want to keep my house. That said, here's the issue: My tax records say my home is worth 90,000. My first mortgage is current. I owe about 65,000 on it and have it financed through a bank. It has been over a month since my 341 and I had not heard anything regarding a reaffirmation, so I started thinking the bank just didn't want to. Well, today I got papers from my attorney telling me to immediately sign and send back so they can be filed before the discharge date. My interest rate is not great at 7.%, but I can live with it.

    My second mortgage is about 23,000 at (I think) 12% to Citimortgage. I am not going to reaffirm this one for sure. I am a couple of months behind on this one--I was hoping to modify it. The way this one is set up is kind of like revolving credit--it's strange. Anyhow, I would like to get a low interest on this loan and set it up like a 'regular' mortgage, not like a revolving account or whatever it is that Citi does--if I could do that, I may reaffirm if that's what it takes to seal the deal. I can afford to make the payments; I'd just like to get a fair deal. I told my attorney right off the bat when I filed that I wanted to modify the mortgage(s). I thought he would go to bat for me, but he basically said you can't do that in a 7.

    So, my question(s) is (are), does anyone have experience with Citimortgage modifying their mortgages? And should I just be content with the 7% on the first mortgage or try to get a better deal? AND, when would I do that? Since my attorney won't fight for a modification and the banks can't talk to me, what are my choices? Not to beat it to death, but please clarify/confirm for me: the banks have to go thru the same process to foreclose with or without the reaffirmation, and in the same manner as if you had never filed for bk. If you stay current--no problem, the home is yours to sell, remodel, whatever. Not that I plan to, but if I would miss a payment, the bank would treat it the same way they would if I had never filed bk (which I think would mean they send a late notice, you catch it up, all is well). Some posters have me sort of scared that without that reaff, miss one payment and your house can be taken in a matter of days. I just think that if the bank wouldn't foreclose for one missed payment before the bk, they wouldn't foreclose for one missed payment after the bk. Thanks for any help!

  • #2
    There are numerous threads about 2nd mortgages and a Chapter 7 (not reaffirming and negotiating with the lenders after your discharge). I think you would find them very helpful. One thing though that jumps out at me in your query: You wanted your bankruptcy attorney to fight for you for a mortgage modification. They can't do that. Plain and simple, Chapter 7 does not alter existing secured contracts. If you want a modification you have to do that yourself. Having said that, there is something you should also keep in mind...once your mortgages are discharged the lender may be more willing to work with you on a modification. After all, you are released from the personal responsibility to pay the debt, your coming forward and voluntarily asking for better terms to pay the debt often works in your favor.

    If you don't reaffirm the lenders still have to follow the foreclosure laws of your state, bankruptcy doesn't alter that either.

    Good luck to you in whatever you decide.
    Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
    I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.


    • #3
      Hi tls,

      Agree w/ newbie2, the "discharged not reaffirmed" status gives you an edge in the modification negotiations. To find out about CitiMort, call them up and ask some questions, search the forum here for CitiMortgage, and possibly start a thread titled "Anyone modified with CitiMortgage?" or similar.

      Good luck with this,

      Tom in Colo
      Ch7 filed 5/12/2010.....341 meeting 6/30/ of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010


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